Monday , November 21 2022

DELTA IS FINISHED! GOV UDUAGHAN SETS TO BORROW N50 BILLION AFTER BRIBING SEC DG WITH N2B

Fejiro Oliver

If the trio of Great Ovedje Ogboru, Senator Ifeanyi Okowa and Olorogun O’tega Emerhor knows what is good for their political future; they should immediately start protesting against the bankruptcy that has hit Delta State or quit immediately from contesting the 2015 guber elections holding in three weeks time, as Deltans will hold them responsible for not delivering on their electoral promises, due to the indebtedness of the State.

As I report, the State Governor, Dr Emmanuel Uduaghan will be leaving the state N50 billion poorer and indebted to one of the new generation banks (names withheld for reasons). Incontrovertible information at the disposal of this journalist revealed that he is set to go to the bond market for a whooping N50 billion bond when he has less than 71 days to leave the Dennis Osadebey House.

To see this through, the governor has made available the sum of N2 billion to bribe the Director General of the Stock Exchange Commission (SEC) while over N3.5 billion have also been earmarked to grease the palms of the bank directors were the money will be borrowed from, as well as BGL who is a dealing member of the Nigerian Stock Exchange and is one of the leading stockbroking firms in Nigeria, strategically known for executing high volume transactions. Ironically, Albert Okumagba who is a friend to the governor is the GMD/CEO of the BGL group, who sources within the government disclose will make it easier for the criminal bond to be taken. The SEC DG has already agreed to sign the bond documents for him.

Quick investigations carried out revealed that part of the money is meant to pay contractors handling the Effurun and Asaba flyover; a job that so much money had earlier been paid for, with more budgeted for it since 2013. The remaining sum which will be over N40 will be diverted to private pockets as farewell gifts for loyal aides and himself, revealed a credible source.

Secrets Reporters, an online news plat had earlier reported on how Uduaghan had earlier borrowed N50 million from the bond market which he has been unable to account for, before going ahead now to borrow another one. Delta State is currently ranking among the five most indebted states in Nigeria, a situation that survey carried out reveals will take 12 years for any government to pay.

*** Stay tuned for more last minute dirty financial deals of the government.

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